Morison Industries had successfully raised N502.2 million new equity funds, providing the healthcare company with the fund to reposition its operations..

The 63-year-old company had last year floated a new capital raising for about N502.2 million in new equity funds through new share sale to existing shareholders.

It offered a rights issue of 836.98 million ordinary shares of 50 kobo each at 60 kobo per share on the basis of 11 new ordinary shares for every two ordinary shares of 50 kobo held as at August 25, 2017.

A total of 836.98 million ordinary shares of 50 kobo each were added to the shares outstanding in the name of Morison Industries.

With the supplementary listing of 836.98 million ordinary shares of 50 kobo each, the total issued and fully paid up shares of Morison Industries has increased from 152.18 million to 989.16 million ordinary shares of 50 kobo each.

GTI Securities Limited acted as the stockbroker to the supplementary share issuance while GTI Capital Limited was the issuing house.